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Ovintiv
(NYSE:OVV)
Ovintiv (OVV) vs. SPDR S&P 500 ETF (SPY)
Ovintiv Business Overview & Revenue Model
Ovintiv Earnings Call Summary
Ovintiv Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.74B | 9.15B | 10.88B | 12.46B | 8.66B |
| Gross Profit | 2.50B | 4.98B | 5.90B | 6.88B | 4.22B |
| EBITDA | 3.35B | 4.05B | 4.69B | 4.98B | 2.77B |
| Net Income | 1.24B | 1.13B | 2.08B | 3.64B | 1.42B |
Balance Sheet | |||||
| Total Assets | 20.39B | 19.25B | 19.99B | 15.06B | 14.05B |
| Cash, Cash Equivalents and Short-Term Investments | 280.00M | 42.00M | 3.00M | 5.00M | 195.00M |
| Total Debt | 7.53B | 6.29B | 6.68B | 4.49B | 5.78B |
| Total Liabilities | 9.20B | 8.92B | 9.62B | 7.37B | 8.98B |
| Stockholders Equity | 11.20B | 10.33B | 10.37B | 7.69B | 5.07B |
Cash Flow | |||||
| Free Cash Flow | 1.50B | 1.42B | 1.42B | 2.04B | 1.61B |
| Operating Cash Flow | 3.65B | 3.72B | 4.17B | 3.87B | 3.13B |
| Investing Cash Flow | -2.88B | -2.46B | -5.52B | -1.79B | -525.00M |
| Financing Cash Flow | -762.00M | -1.23B | 1.36B | -2.27B | -2.42B |
Ovintiv Technical Analysis
Ovintiv Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $15.17B | 14.30 | 9.66% | 4.27% | 7.55% | -34.40% | |
79 Outperform | $6.39B | 8.43 | 14.13% | 3.14% | 14.77% | -17.38% | |
74 Outperform | $14.33B | 10.58 | 11.54% | 3.16% | -8.07% | -87.88% | |
74 Outperform | $10.73B | 7.60 | 25.22% | 3.80% | 4.88% | -41.34% | |
74 Outperform | $11.36B | 18.15 | 8.71% | ― | 17.05% | 1028.81% | |
72 Outperform | $9.72B | 15.07 | 15.91% | 1.00% | 23.88% | 20.55% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
Ovintiv Corporate Events
In 2025, Ovintiv generated $3.7 billion in cash from operating activities, $1.6 billion in Non-GAAP free cash flow and average production of 615 MBOE/d, while returning about $612 million to shareholders through dividends and buybacks. It reported $1.2 billion in net earnings despite non-cash impairments, closed the $2.7 billion NuVista acquisition in February 2026, agreed to sell its Anadarko assets for $3.0 billion, and outlined 2026 guidance with $2.25–$2.35 billion in capital spending and 620–645 MBOE/d in production.
Ovintiv also introduced a new shareholder return framework that will return at least 75% of 2026 Non-GAAP free cash flow to investors and 50–100% in subsequent years through dividends and share repurchases, backed by a newly authorized $3.0 billion buyback program and a quarterly dividend of $0.30 per share declared on February 23, 2026. Supported by investment-grade ratings, ample liquidity of about $4.5 billion at year-end 2025 and a reserve life exceeding 10 years, the company aims to leverage its reshaped portfolio and stronger balance sheet to cement its position as an industry leader in capital returns and operational efficiency.
The most recent analyst rating on (OVV) stock is a Buy with a $58.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
On February 17, 2026, Ovintiv subsidiaries Ovintiv USA Inc. and Ovintiv Royalty Holdings LLC agreed to sell certain Oklahoma oil and gas assets for $3.0 billion in cash to MidCon II BuyerCo, LLC via the sale of equity in a newly formed Texas LLC. The transaction, effective economically from January 1, 2026, includes a $200 million escrow deposit, customary pre-closing reorganization, and standard conditions such as regulatory approvals, asset maintenance covenants, and detailed termination and remedy provisions that allocate deal risk between buyer and seller.
The deal structure, including specific thresholds for title, environmental and casualty issues and a capped damages framework, underscores a tightly negotiated risk-sharing arrangement aimed at providing certainty of closing for both parties. For Ovintiv, the divestiture marks a significant portfolio move in its U.S. upstream business, potentially reshaping its Oklahoma footprint and capital allocation priorities once the transaction closes, while limiting post-termination exposure primarily through liquidated damages and expense caps.
The most recent analyst rating on (OVV) stock is a Hold with a $55.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
On February 17, 2026, Ovintiv Inc. announced it had signed a definitive agreement to sell its Anadarko Basin assets in Oklahoma to an undisclosed buyer for $3.0 billion in cash. The package comprises about 360,000 net acres, representing nearly all of the company’s position in the play, with February month-to-date production of roughly 90,000 barrels of oil equivalent per day across oil, natural gas and NGLs.
The divestiture, effective January 1, 2026 and expected to close early in the second quarter of 2026 subject to customary conditions, is intended to sharpen Ovintiv’s portfolio focus on its core Permian and Montney positions while advancing its debt reduction goals and supporting higher shareholder returns. The company plans to outline updated 2026 guidance and a revised shareholder return framework when it reports fourth-quarter and full-year 2025 results on February 23, 2026.
The most recent analyst rating on (OVV) stock is a Buy with a $52.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
On February 3, 2026, Ovintiv Canada ULC, a wholly owned subsidiary of Ovintiv Inc., closed its C$2.7 billion cash-and-stock acquisition of all common shares of Canada’s NuVista Energy Ltd., following a November 4, 2025 arrangement agreement that received support from over 99% of votes cast by NuVista shareholders. NuVista investors could elect cash, Ovintiv shares or a mix, within capped aggregate cash and share amounts, resulting in approximately C$1.57 billion in cash and 30,076,903 Ovintiv shares being issued; Ovintiv funded the cash portion through a two-year term credit facility and its revolving credit line, while also repaying NuVista’s C$219 million credit agreement and redeeming C$166 million of NuVista’s 7.875% senior unsecured notes due 2026, alongside C$72 million in cash settlements for NuVista equity incentives. The transaction immediately expands Ovintiv’s position in the oil‑rich Alberta Montney with about 930 net 10,000‑foot equivalent well locations and 140,000 largely undeveloped net acres adjacent to its existing operations, and management highlighted expected annual cost synergies of roughly $100 million and per‑well savings of about $1 million as it streamlines its portfolio, prepares to divest Anadarko assets, and strengthens its footprint in what it views as two premium North American oil plays; NuVista’s shares are slated for delisting from the Toronto Stock Exchange in the days following closing.
The most recent analyst rating on (OVV) stock is a Buy with a $58.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
Ovintiv Inc. has scheduled its 2026 annual meeting of stockholders for May 6, 2026, and set March 9, 2026 as the record date for determining holders of its common stock entitled to receive notice of and vote at the meeting. The company has notified Canadian securities regulators and both the Toronto and New York stock exchanges of these arrangements, and outlined that it will use notice-and-access provisions for both registered and beneficial holders while agreeing to pay for delivery of proxy-related materials to objecting beneficial owners, clarifying the mechanics of shareholder participation and voting ahead of the meeting.
The most recent analyst rating on (OVV) stock is a Hold with a $44.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
On January 29, 2026, Ovintiv Inc. announced the appointment of Gregory P. Hill as an independent member of its board of directors, effective January 30, 2026, increasing the board size to twelve directors. Hill, who retired in 2025 as President, Worldwide Exploration & Production and Executive Vice President of Hess Corporation, brings more than four decades of global energy industry leadership, including overseeing major portfolio transformations and growth in regions such as Guyana, the Bakken and the Gulf of America, experience that Ovintiv’s chairman said will support the board’s focus on operational excellence, safety culture and long‑term shareholder value; the company noted that Hill’s compensation and indemnification arrangements will align with its standard practices and that there are no related‑party transactions or special arrangements behind his selection.
The most recent analyst rating on (OVV) stock is a Hold with a $47.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
On January 28, 2026, NuVista Energy and Ovintiv announced that the Government of Canada had approved Ovintiv’s previously disclosed stock-and-cash acquisition of NuVista under the Investment Canada Act, following earlier clearance under the Competition Act (Canada), approval by the Court of King’s Bench of Alberta and a favorable shareholder vote by NuVista investors on January 23, 2026. With all key regulatory and court approvals in place, the transaction is expected to close on or about February 3, 2026, subject to customary closing conditions, marking a significant step toward consolidating Ovintiv’s Canadian upstream portfolio and potentially reshaping the competitive landscape for stakeholders in the region’s oil and gas industry.
The most recent analyst rating on (OVV) stock is a Buy with a $52.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
On January 23, 2026, NuVista Energy shareholders overwhelmingly approved, with about 99% of votes cast in favor, a previously announced stock-and-cash acquisition by Ovintiv Inc., and the Court of King’s Bench of Alberta granted the final order required to advance the transaction under Alberta corporate law. The deal, structured as a plan of arrangement first agreed on November 4, 2025, now awaits remaining customary closing conditions, including Investment Canada Act approval, and preliminary election results show shareholders who chose all-cash consideration will receive it in full, while those opting for all-share or mixed consideration will receive varying cash–share splits due to proration limits, shaping the ultimate balance between cash outlay and equity issuance for Ovintiv and determining how NuVista investors participate in the combined company’s future performance.
The most recent analyst rating on (OVV) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
On November 4, 2025, Ovintiv Inc., through its wholly owned subsidiary Ovintiv Canada ULC, entered into an Arrangement Agreement to acquire Alberta-based NuVista Energy Ltd. in a stock-and-cash deal to be implemented under the Business Corporations Act (Alberta), with closing targeted by the end of the first quarter of 2026. On December 22, 2025, NuVista began mailing its management information circular and proxy materials, which include unaudited pro forma operational data for Ovintiv as of and for the year ended December 31, 2024 and for the nine months ended September 30, 2025, as well as pro forma consolidated capitalization as of September 30, 2025, illustrating the reserves, production and capital structure of the combined company; Ovintiv also detailed how NuVista’s reserves have been adjusted to U.S. standards and highlighted that these pro forma figures are illustrative, subject to customary closing conditions and regulatory approvals, and carry material execution and integration risks that could affect the transaction’s realization and the anticipated benefits for stakeholders.
The most recent analyst rating on (OVV) stock is a Hold with a $39.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
On December 15, 2025, Ovintiv Inc. announced a 12-year agreement with Pembina Pipeline Corporation for 0.5 million tonnes per annum of liquefaction capacity at the Cedar LNG facility. This agreement allows Ovintiv to export LNG from Canada’s west coast, offering a strategic advantage in accessing Asian markets and supporting global energy security and emissions reductions.
The most recent analyst rating on (OVV) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
On December 10, 2025, Peter Dea announced his retirement from the Ovintiv Board of Directors, effective May 6, 2026, after serving since 2010 and as Chairman since 2020. Steven Nance, with extensive governance and M&A experience, has been elected as the new Chairman, expected to continue strong corporate governance and shareholder engagement.
The most recent analyst rating on (OVV) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.
On November 25, 2025, Ovintiv Inc. entered into a Two-Year Term Credit Agreement to secure a $1.2 billion term loan facility. This facility is intended to finance Ovintiv Canada’s acquisition of NuVista Energy Ltd. shares not already owned by Ovintiv Canada. The agreement includes customary covenants and conditions, with a maturity set for two years from the funding date, and interest rates contingent on Ovintiv’s credit ratings.
The most recent analyst rating on (OVV) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Ovintiv stock, see the OVV Stock Forecast page.